Good estate planning requires gathering all the important information needed for management and final distribution of assets. Here are the four P’s of estate planning to consider.
People.
People are the most important component of estate planning.
Take time to identify the people who are dependent upon you and those you wish to benefit from the distribution of your assets. Your list would certainly include minor children, but could also encompass other family members and adult dependents.
Property.
To accurately prepare your distribution plans, your assets need to be inventoried and valued. Discuss with your advisers what options you have for the wise and fruitful distribution of your assets.
Plan.
Once you have identified the people and property components, work with your advisers to set your goals in place so your property can meet the needs of those whom you want to benefit from your estate.
Your planners can include the attorneys and accountants who draft and process the plan and documents, as well as a personal representative, guardian for minor children, those who hold powers of attorney (both financial and medical), and others.
Passions.
This fourth item is often, unfortunately, overlooked in the creation of an estate plan.
You have a variety of passions. You are passionate about your family and want to ensure they continue loving one another long after you pass. But you may also be passionate about your work, or specific issues, such as Christian ministry, health, education, justice, poverty alleviation, creation care, or a myriad of other important things. Perhaps you give time, money, and influence to support causes like these that affect your community. The ways you invest in your passions reflect a great legacy you leave beyond your lifetime.
The best estate plan will account for the people dearest to you and the management of your property in a clear cut plan, but it will also reflect your passions. Passions provide purpose and hope.
If you would like more information about how to go about setting up an estate plan, we would love to help. Email us at contactcenter@cdfcapital.org or call us at 888-540-7112. We can answer questions and connect you with experienced professionals who have helped thousands of Christians through this process.
